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Highlights
- Binance Coin price has soared to an all-time high of $804 as institutional demand surges.
- Nano Labs has increased its BNB token holdings to $90M as part of its $1 billion treasury.
- An ascending parallel channel hints the BNB rally is not over and the price might reach $1,234.
Binance Coin (BNB) has reached an all-time high price of $804 today, July 23, following more than 6% gains in the last 24 hours. Nano Labs might have contributed to this surge in price after it bought more than $90 million in BNB tokens, causing traders to speculate about whether the Binance Coin price can reach $1,200.
Binance Coin Price Targets $1,200 Next After ATH
BNB price has been benefiting from an imbalance between buying pressure and selling pressure as bullish traders have been in control of the price movement since February last year, leading to the creation of an ascending parallel channel.
After the recent gains caused by chatter that altcoins might post more gains than Bitcoin, Binance Coin finally rose above the middle of this channel, by it is still unable to reach the upper resistance line. This resistance is seen at the 123.6% Fibonacci level of $926, and if the price were to move here, a new record would be set.
However, the BNB rally will likely not stop until the coin moves past $1,000 because once the hurdle at $926 is no longer there, buyers who were on the sidelines might start to come back, and the next rally will possibly take the price to $1,234, where the 178.6% Fib level sits.
The RSI is supporting this Binance Coin price forecast, considering that it stands at 68, which shows the current sentiment is in favor of bullish traders, and there is still room for more gains to happen before sellers start to sell their tokens in fear of a reversal happening.
Nasdaq-Listed Firm Buys $90M BNB
Nano Labs joined the recent hype around altcoin treasuries after it announced it would buy more than $1 billion in BNB. The company is living up to its promise, considering that it bought an additional 45,684 tokens yesterday and now holds more than $90 million worth of Binance Coins.
CoinGape had earlier reported that on July 5, Nano Labs scooped 74,315 BNB tokens, and this also helped to drive a brief rally in Binance Coin price at the time. The firm might become the “MicroStrategy of BNB” if it buys more tokens in the near term, as the price is on its way to creating fresh records.
At the same time, a look at Binance’s Coin’s derivatives market shows that its’ open interest has increased by 24% within 24 hours to $1.27 billion according to data from CoinGlass. This is the highest that the open interest has been at since December 2024, indicating that many traders are expecting the Binance Coin price to continue gaining.
Considering all these bullish factors that are aligning around the BNB token, it is highly likely that $800 will not mark the end of the rally, and $1,200 might be within reach.
Frequently Asked Questions (FAQs)
1. Why is Binance Coin price rising today?
2. How high can the BNB token rally?
3. How will Nano Labs’ BNB purchase impact the Binance Coin price?
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